It must be of value to both parties entering into a transaction . Thus, consideration is a promise of something of value given by a promissor in exchange for something of value given by a promisee; and typically the thing of value is goods, money, or an act. For a contract to be valid, both parties to the contract usually need to have "consideration." A valid contract must include consideration for every party involved. The law does not enforce gifts unless they are made by deed. 2) The performance of an action that one is otherwise not obligated to undertake. Consideration is an essential element for the formation of a contract. A consideration does not have to be money. Rules for Consideration. Dictionary ! In consideration of definition at Dictionary.com, a free online dictionary with pronunciation, synonyms and translation. b. This ‘something in return’ need not necessarily be equal in value with “something given”. Consideration is sometimes classified into 'executed' and 'executory' consideration; either is sufficient. In the legal system, the term consideration in contract law refers to something of value given to someone in return for goods, services, or some other promise. Consideration is a payment made by one party to another in exchange for the transfer of something of value. tion (kən-sĭd′ə-rā′shən) n. 1. a. Find more ways to say given due consideration, along with related words, antonyms and example phrases at Thesaurus.com, the world's … Synonyms for consideration in Free Thesaurus. Consideration must be something of value in the eyes of the law - (Thomas v Thomas) (1842) 2 QB 851. 2. In simple terms, consideration is the basic reason a party enters into a legal contract. Forbearance to act, such as an adult promising to refrain from smoking, is enforceable only if one is thereby surrendering a legal right. Consideration. Intermediate and Advanced level grammar practice with progress tests. Consideration – Something of legal value is exchanged between the parties Types of consideration o Benefit to the promisor (money, good, service) (most common) o Detriment to the promisee (promise not to do something) o Promise to do something o Promise not to do something Exception: Promissory Estoppel Ex. Consideration is something in return. Take (something) into consideration definition is - to think about (something) before one makes a decision or forms an opinion. For more about consideration, see Practice note, Contracts: formation: Consideration. There are a few requirements an agreement has to meet in order to be considered valid from a legal standpoint. A consideration is a legal term used to describe the exchange of something of value for something else or for a service. As with every part of a legal contract, there are rules that you need to follow to make sure that the contract is legally binding. Another word for given due consideration. Originally it meant to examine something very thoroughly, or carefully, as if you were staring at the night sky, contemplating its mystery. Synonyms for giving consideration to include considering, as, for, now, seeing, since, after, given, granted and because. It was held that normally in such a case, the bank would promise not to. The carrying out of a specific act. This excludes promises of love and affection, gaming and betting etc. : The most important basic consideration for shades and blinds is proper measuring of the window. If one party has consideration and the other does not, the contract may not be upheld if it is challenged in court. By not suing, however, the bank. Consideration must also be bargained-for, meaning there is an exchange of promise and something of value where both parties gain a reward and receive a detriment in the contract. consideration must be "something of legally sufficient value" and may consist of the following: 1) A promise to do something that one has no prior legal duty to do. Related Content. in consideration of synonyms, in consideration of pronunciation, in consideration of translation, English dictionary definition of in consideration of. Consideration. This is the British English definition of in consideration of something.View American English definition of in consideration of something.. Change your default dictionary to American English. Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. Executory consideration consists of a promise to do something. Definition and synonyms of in consideration of something from the online English dictionary from Macmillan Education.. However, carrying out an existing duty is not consideration, though doing something more could be. usu supp N (=factor) A major consideration when choosing a dog is the size of your house and garden. A legally binding contract needs three main elements: an offer, consideration, and acceptance. A consideration is an essential element in contract formation. Careful thought; deliberation: We will give your proposal consideration. The judge had directed the jury to consider whether the material under consideration was repulsive, filthy, loathsome and lewd. Consideration is kindness and thoughtful regard for others, or an act of thoughtfulness. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. both parties must get something out of the contract), and (iii) the exchange must be something of value. Legal consideration is something of value which is structured into a legal contract. A result of considering; an opinion or a judgment: Is it your consideration that I should apply? If you are asking for special consideration for something based on extenuating circumstances such as a medical issue, providing evidence in the form of a doctor’s note may help. Consideration meaning in law. Examples of consideration can include: Something that the promise will give to the promisor. Menu ... the consideration must be something that the promisee, to his or her detriment or loss, is giving up, or something … n. 1. Now, it has two aspects, either doing some act or abstaining from doing something. : The big problem is with those muppets who go out in their 4x4s and do not have any rules, consideration or code of conduct at all. A one sided promise which is not supported by consideration is a gift. It may consist of a promise to perform a desired act or a promise to refrain from doing an act that one is legally entitled to do. Consideration is an essential element for the formation of a contract. Conversely, agreeing to do something that is otherwise legally required, is not adequate consideration to a contract. Let’s look at some examples: Example 1 – Doing something Collins v Godefroy (1831) One of the main components is called “consideration.” It’s the simple idea that you can’t get something for nothing (or at least that you don’t need a contract for it). Treating others as you would have them treat you (the Golden Rule) is one example of consideration. The law simply requires consideration. Vocabulary exercises help you to learn synonyms, collocations and idioms. It does not state how much consideration must be there. Something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances. How to use take (something) into consideration in a sentence. Does something (in the past, present or future) OR; Abstains from doing something (in the past, present or future) Then, this act of doing or abstinence is called Consideration. Payment, in any form, under a contract; any value given at the counterparty’s request can be good consideration, including any action, inaction, or a promise. enforce the debt, but this was not done here. 4 n-count A consideration is something that should be thought about, especially when you are planning or deciding something. Antonyms for consideration. The other important factor regarding considerations is that you do not have to meet someone else's standard of value. 3) The refraining from an action that one has a legal right to undertake (called a forbearance Consideration is an English common law concept within the law of contract, and is a necessity for simple contracts (but not for special contracts by deed).The concept of consideration has been adopted by other common law jurisdictions, including the US.. Consideration. Define in consideration of. 3 people chose this as the best definition of consideration: The definition of conside... See the dictionary meaning, pronunciation, and sentence examples. Look it up now! (‘cause and consideration: a study paralled, Markesinis (1978) 37 cambridge lane journal 53) Forbearing to sue someone can be consideration if the action was honestly thought to be valuable. Find more similar words at wordhippo.com! Executed consideration takes the form of performing an act rather than a promise of performance. had shown forbearance and this was valid consideration, so the agreement to. 3 Simply stating that you should be considered for something is worthless without explaining why. The courts are concerned with the consideration and not their adequacy, provided it is of some value. The doctrine of consideration is based upon the idea that a promisee must give or promise to give something in return for the promise or unless the promisor has obtained or been promised something in return. Consideration requires (i) a bargain regarding terms of an exchange, (ii) a mutual exchange between the parties (i.e. Search with due consideration and thousands of other words in English definition and synonym dictionary from Reverso. Not doing something that the promise had the legal right to do. 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